Rental property in Noida
- By Katya Naidu
Noida is no more a part of the Delhi NCR only. It has become a city in itself as it is one of the top ten cities where people prefer to rent homes, coming only after Delhi city and Gurgaon.
Proximity to IT and other companies, reasonable rents, increasing number of ready-to-move-in properties, ease of transportation in Noida and very high livability index is driving its rental market. Large number of shopping malls and other commercial centres; apart from good infrastructure like well maintained roads and flyovers too is attracting people to this area due to higher comfort factor. Most of the properties that are rented are in the 2 BHK and 3 BHK properties with large demand for bigger homes in the affluent area.
Here are the most popular localities for rent in Noida:
Sector 62: This is the most popular area thanks to location. The area is the closest to Delhi area. It is also convenient to travel to Ghaziabad from the area, drawing interested tenants from all these areas. There is a lot of demand from working professionals within the Sector 62 area as it houses at least 12 large technology companies like TCS, HCL and IBM, bringing in large volumes of migrant professionals to this area. The area also has a large number of shops and boasts of as many as 60 restaurants catering to takeout loving population. A 1BHK home costs as much as Rs 12,000 per month, while a 2 BHK house can range between Rs 15,000 to Rs 20,000 depending on the square feet area and its location.
Sector 18: For those people looking to pay a little less, Sector 18 is a good option as it has a number of buildings which are looking for tenants. The area is growing in prominence thanks to the metro station dedicated to this area. As the area increases its number of ready-to-move-in properties, it is expected to grow in rental prominence along with the nearby
Sector 16: A) 1 BHK apartments costs around Rs 5,500 to 7,000 in this area, much lower than Sector 62, drawing people working in that area. A 2) BHK apartment can cost around Rs 20,000-25,000 per month.
Sector 29 & others: Areas like Sector 29 to Sector 29 are also growing, as they are surrounding to the business districts of Noida. Added metro station is also driving the rental market in
Sector 35, Sector 44: The growth in retail outlets and shopping malls is also jacking up the interest of these areas.
Greater Noida: Also called Noida Extension, this area is growing in prominence as a large number of buildings are coming to the possession stage. This is also popular with people working at the expressway. With metro rail and an excellent bus network, this area has inched up after it has cut down travel time from this area to others. Many new apartments have come to the market, offering a range of apartments for both middle income families as well as high-end and luxury tenants. Rents are still in the reasonable range as a 2 BHK apartment costing around Rs 9,000 per month.
(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)